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Jason

Parents Paying For Property Dream

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http://news.bbc.co.uk/1/hi/business/5241950.stm

Parents are contributing an average of almost £18,000 to help their children onto the property ladder, an Alliance & Leicester bank survey suggests.
Nearly half of parents said they felt responsible for helping their children fund a house purchase.
Fathers are more likely to contribute towards their child's first home with 36% delving into savings compared to 31% of mothers.
The bank said parental help was key to housing market demand.
"Our research suggests that many parents are planning to support their children well past the age of 18," Stephen Leonard, director of mortgages at Alliance & Leicester, said.
"This may be one of the reasons we are witnessing continuing first-time buyer activity, despite houses becoming more expensive," he added.

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couple of things here Jason, those parents that can afford to, or are thinking of helping, according to research conducted in branches of A&L...dig a bit deeper and less than 20% of parents can, or will do this, and if only 8-9% of buyers are FTBs this further proves what ******** this is from A&L

A&L are very very good at these releases ;)

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my parents can't afford to give me anything, which isn't too annoying as i earn more than they do! it annoys me though that many of these kids don't save for their own deposit..

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my parents can't afford to give me anything, which isn't too annoying as i earn more than they do! it annoys me though that many of these kids don't save for their own deposit..

Rachel, believe me, it's ******** dressed up as a guilt trip...

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What annoys me most about A&L, is I can't find the actual release to debunk it.

Infact, anyone who gives out a release shouldn't be allowed to unless the public can view it.

Such as, Oxford Economic Forecasts refuse to answer my questions (or give me the report) about their prediction that prices will double over the next 5 years (or whatever).

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my parents can't afford to give me anything, which isn't too annoying as i earn more than they do! it annoys me though that many of these kids don't save for their own deposit..

The cost of living is so high now that many can't save for a deposit. I like the idea that £18K would help someone onto the property ladder. I'd need more like £60K on account of my wage being so crap that I'd need a much bigger deposit to afford the repayments :rolleyes:

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any parents who think by throwing their own savings onto the debt fire is a good idea, they need their heads feeling.

all they are doing is giving their money to a bank scam for no good reason.

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The cost of living is so high now that many can't save for a deposit. I like the idea that £18K would help someone onto the property ladder. I'd need more like £60K on account of my wage being so crap that I'd need a much bigger deposit to afford the repayments :rolleyes:

i doubt that/ I mean, if your parents earn enough to give you money for a deposit, you have probably been well educated and have a decent job too(ok i am generalising). I'm bit different in that my Dad is a lorry driver (used to earn about £17k) and i earn around £25k(self employed).

But i still have managed to save up for a good deposit over the last 4 years. I also live in Bristol, which isn't a cheap place to live, i probably have saved well because i don't waste my money on gadgets, expensive clothes, expensive nights out like so many of my contemparies feel they 'deserve'.

I don't feel sorry for people who don't save up for deposits unless they really earn a crap wage.

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http://news.bbc.co.uk/1/hi/business/5241950.stm

Parents are contributing an average of almost £18,000 to help their children onto the property ladder, an Alliance & Leicester bank survey suggests.
Nearly half of parents said they felt responsible for helping their children fund a house purchase.
The bank said parental help was key to housing market demand.
Not enough new money entering at the bottom, so the money moves inside the market. I wonder how long that can go on for
:)

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any parents who think by throwing their own savings onto the debt fire is a good idea, they need their heads feeling.

all they are doing is giving their money to a bank scam for no good reason.

But the experts say it is a good thing!

"One property expert said shared ownership was becoming a common way on to the housing ladder. Steve Spence, a partner at Neilsons, said: "If the maximum mortgage available is, say, £75,000, and a relative puts in £25,000, that creates a pot of £100,000 to buy the property. With Edinburgh prices - and most of Scotland - always going up this is a fairly safe investment with potentially much better returns for the parent or relative than keeping the money in the bank or building society.""

http://news.scotsman.com/aberdeen.cfm?id=1099632006

:lol::lol:

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I hope these parents keep a bit of money in reserve to help their children buy their second home. These are not the old days when people could look forward to rapidly rising incomes and inflation chewing up their debt.

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But the experts say it is a good thing!

"One property expert said shared ownership was becoming a common way on to the housing ladder. Steve Spence, a partner at Neilsons, said: "If the maximum mortgage available is, say, £75,000, and a relative puts in £25,000, that creates a pot of £100,000 to buy the property. With Edinburgh prices - and most of Scotland - always going up this is a fairly safe investment with potentially much better returns for the parent or relative than keeping the money in the bank or building society.""

http://news.scotsman.com/aberdeen.cfm?id=1099632006

:lol::lol:

A bit of a debate on MSE about shared ownership... http://forums.moneysavingexpert.com/showthread.html?t=233817

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  • 301 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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